Cardiol Therapeutics (NASDAQ:CRDL) Releases Earnings Results, Beats Estimates By $0.05 EPS

Cardiol Therapeutics (NASDAQ:CRDL) posted its quarterly earnings results on Wednesday. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.05, Zacks reports.

Cardiol Therapeutics Price Performance

Shares of NASDAQ:CRDL traded up $0.02 during trading hours on Wednesday, hitting $1.52. The company’s stock had a trading volume of 790,566 shares, compared to its average volume of 597,604. The firm’s fifty day moving average price is $1.14 and its 200 day moving average price is $1.17. Cardiol Therapeutics has a 52 week low of $0.88 and a 52 week high of $1.71. The company has a market capitalization of $176.15 million, a price-to-earnings ratio of -5.43 and a beta of 0.72.

Hedge Funds Weigh In On Cardiol Therapeutics

Several institutional investors have recently bought and sold shares of CRDL. Citadel Advisors LLC lifted its holdings in Cardiol Therapeutics by 1,132.6% during the third quarter. Citadel Advisors LLC now owns 463,462 shares of the company’s stock worth $496,000 after buying an additional 425,862 shares during the period. Bank of America Corp DE boosted its position in Cardiol Therapeutics by 1,983.0% during the 3rd quarter. Bank of America Corp DE now owns 551,053 shares of the company’s stock valued at $590,000 after acquiring an additional 524,598 shares in the last quarter. Susquehanna International Group LLP increased its holdings in shares of Cardiol Therapeutics by 366.5% in the 3rd quarter. Susquehanna International Group LLP now owns 93,398 shares of the company’s stock valued at $100,000 after acquiring an additional 73,375 shares during the period. Virtu Financial LLC purchased a new position in shares of Cardiol Therapeutics in the 3rd quarter valued at $154,000. Finally, Two Sigma Investments LP bought a new position in shares of Cardiol Therapeutics in the 3rd quarter worth $249,000. 12.49% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the company. HC Wainwright restated a “buy” rating on shares of Cardiol Therapeutics in a report on Tuesday, July 14th. Wall Street Zen cut Cardiol Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Cardiol Therapeutics in a research report on Wednesday, June 24th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $8.50.

Cardiol Therapeutics Company Profile

Cardiol Therapeutics Inc (NASDAQ: CRDL) is a clinical-stage pharmaceutical company dedicated to developing immunomodulatory treatments for patients with cardiovascular disease. The company’s lead asset, CardiolRx, is a proprietary, pharmaceutical-grade cannabidiol (CBD) formulation designed to target the inflammation and oxidative stress underlying conditions such as acute myocardial injury and heart failure. Cardiol holds exclusive global rights to CardiolRx through a licensing partnership and is advancing additional preclinical programs focused on small-molecule immunotherapies for heart disease.

CardiolRx is formulated for oral administration and has been evaluated in a randomized, placebo-controlled Phase 2 myocardial protection study assessing safety and key biomarkers following acute coronary syndromes.